June 9 (Lagos) - CBN Governor Godwin Emifiele has been suspended by President BAT with immediate effect and Deputy Governor will be the acting Governor.
"President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr. Godwin Emefiele, from office with immediate effect," the government said in a statement.
"This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy."
Additionally there are unconfirmed reports that he has been arrested by DSS in their investigation. There is a long list of allegations against the now ex-CBN Governor which range from round tipping to terrorist financing.
It was a tough time for the economy under this Governor. Economic policies did not make basic sense for example they kept interest rates artificially now when inflation was raging and currency was experiencing a collapse. However some would point to independence of CBN for those matters. The recent memory of the currency withdrawal was botched and that brought pain and suffering on people.
The news of his suspension came after the market had closed. We will see the reaction on Tuesday morning after the June 12 holiday to mark democracy day.
Analysts at easykobo predict that we could soon see a sharp rally especially in banking stocks after this news has filtered through the system. Foreign investors will notice this move as a vindication that wrong economic policies cannot be condoned forever. Stocks in Nigeria have been hammered in real terms (inflation, devaluations) and not recovered those losses from mid-2010's or from about time this Governor took over.
reporting for easykobo.com on Friday, June 9 2022 from Lagos, Nigeria